Around the beginning of April, SportsQuest, Inc. (PINK:SPQS) started quietly creeping up and closed above ten cents two days in a row. Then, after the news of the acquisition of Fielding Eyeware the stock was dumped in large volumes at $0.02.
Since Apr. 28 SPQS has been going one way – down. Yesterday was no exception, and the price went further 27.78% down to close at $0.013 on a slightly lower volume of approximately 467 thousand shares.
This promotional newsletter appeared after the close yesterday. The mail itself and the disclosure site of the promoter don’t mention anything about compensation.
SPQS has been heavily shorted in every session since the decline started, with the exception of Apr. 29. Those who managed to short the stock at the highs had ample opportunity to cover their positions in the following sessions.
Before the current buzz around SPQS, it was hardly ever traded and didn’t seem to do anything. Now with the acquisition of Fielding Eyeware, the company has some sort of business (specialty eyeware). Unfortunately, there are no numbers, no documents, and hardly any financial information for the current situation.[BANNER]
A reason for the drop, other than just traders selling into the news, may be that until recently the company reported about 14 million shares outstanding, and as of Apr. 25 the OTC Market site shows approximately 2.9 billion OS.
With the common for OTC Pink tier companies limited disclosure, and the shorters’ interest in SPQS, it will be interesting to see what the promotion will do for the price and volume of SPQS.
